On October 30, 2021, Yiheda (301029) announced: Essence Fund Management Co., Ltd., Essence Securities, Essence Securities Co., Ltd., Barings Asset Management, Centennial Insurance Asset Management Co., Ltd., Beijing Gaoxin Bainuo Investment Management Co., Ltd., Beijing Huixin Juying Private Equity Fund Management Co., Ltd., Beijing Shennong Investment Management Co., Ltd., Beijing Xingshi Investment Management Co., Ltd., Beijing Sunshine Tianhong Asset Management Co., Ltd., Beijing Zeming Investment Co., Ltd., BlackRock Fund Management Co., Ltd., Bodao Fund Management Co., Ltd., Boshi Fund Management Co., Ltd., Boyuan Fund Management Co., Ltd., Caida Securities Self-operated Department, Caitong Securities Asset Management Co., Ltd., Caixin Securities Co., Ltd., Chenghuai Investment, Chuangjin Hexin Fund Management Co., Ltd., Chunhou Fund Management Co., Ltd., Dacheng Fund Management Co., Ltd., Tamsui Spring Investment Management Co., Ltd., Dehua Venture Capital Co., Ltd., Orient Securities, Orient Securities Co., Ltd., Soochow Securities, Soochow Securities Co., Ltd., Dunhe Asset Management Co., Ltd., Founder Fubon Fund Management Co., Ltd., Fujian Strait Bank Co., Ltd., Gaohua Securities, Hillhouse Capital, ICBC AXA Asset Management Co., Ltd., Guanfu (Beijing) Asset Management Co., Ltd., Everbright Securities, Guangdong Huigu Investment, Guangdong Juzhou Investment Co., Ltd., Guangfa Bank Co., Ltd., Guangfa Securities Co., Ltd., Guangfa Asset Management, Guangzhou Ruimin Investment Management Co., Ltd., Guangzhou Xuanyuan Investment Management Co., Ltd., Guangzhou Round Stone Investment Management Co., Ltd., Guohai Securities, Guohai Securities Co., Ltd., Guohai Asset Management, Guohua Life Insurance Co., Ltd., Guolian Fund, Guoren Property & Casualty Insurance Co., Ltd., Guosheng Securities Research Institute, China Life Security Fund Management Co., Ltd., SDIC UBS Fund Management Co., Ltd., Guosen Securities, Guoyuan Securities Co., Ltd., Hainan Lingzhan Private Equity Fund Management Partnership, Hainan Tuopu Private Equity Fund Management Co., Ltd., Hainan Zexing Private Equity Fund Management Co., Ltd., Hangzhou Oriental Jiafu Asset Management Co., Ltd., Hangzhou Genxi Asset Management Co., Ltd., Hangzhou Huisheng Investment Management Co., Ltd., Hangzhou Ruiyin Investment Management Co., Ltd., Hangzhou Yudi Investment Management Co., Ltd., Aerospace Science and Industry Asset Management Co., Ltd., Hengyue Fund Management Co., Ltd., Huaan Financial Insurance Asset Management Co., Ltd., Huaan Fund Management Co., Ltd., Huaan Securities, Huafu Securities Co., Ltd., Huarong Fund Management Co., Ltd., Huashang Fund Management Co., Ltd., Huatai Securities, Huatai Securities (Shanghai) Asset Management Co., Ltd., Huaxi Securities, Huaxia Bank Co., Ltd., Huian Fund Management Co., Ltd., Huihua Wealth Management, Hui Tianfu Fund Management Co., Ltd., Huisheng Fund Management Co., Ltd., Jianan Investment Holding Group Co., Ltd., Jianxin Insurance Asset Management Co., Ltd., Jianxin Pension Management Co., Ltd., BOCOM Schroder Fund Management Co., Ltd., Golden Eagle Fund Management Co., Ltd., Jinglin Asset Management, Jiutai Fund Management Co., Ltd., AIA Shanghai Branch, Morgan Stanley Huaxin Fund Management Co., Ltd., Morgan Asset Management, Southern Fund Management Co., Ltd., Nanjing Securities Co., Ltd. Investment Management Headquarters, Nord Fund Management Co., Ltd., Penghua Fund Management Co., Ltd., Pengyang Fund Management Co., Ltd., Ping An Dahua Fund Management Co., Ltd., Qianhai Open Source Fund Management Co., Ltd., Qianhai United Fund Management Co., Ltd., Qingdao Chenghuai Investment Management Co., Ltd., Qingli Investment Management (Shanghai) Co., Ltd., Renqiao Asset Management Co., Ltd., Rongtong Fund Management Co., Ltd., Ruisi Capital, Shanghai Ivy Asset Management Co., Ltd., Shanghai Chensheng Asset Management Co., Ltd., Shanghai Chengzhou Asset Management Co., Ltd., Shanghai Danyi Investment Management Partnership, Shanghai Orient Securities Asset Management Co., Ltd., Shanghai Haitong Securities Asset Management Co., Ltd., Shanghai Hantan Investment Management Co., Ltd., Shanghai Huanyi Private Equity Fund Management Co., Ltd., Shanghai Jianshun Investment Management Co., Ltd., Shanghai Jingxi Asset Management Co., Ltd., Shanghai Juming Investment Management Co., Ltd., Shanghai Licheng Asset Management Co., Ltd., Shanghai Lingjiu Private Equity Fund Management Co., Ltd., Shanghai Liuhe Investment Co., Ltd., Shanghai Minghe Investment Management Co., Ltd., Shanghai Ningquan Asset Management Co., Ltd., Shanghai Panjing Investment Management, Shanghai Qinmu Asset Management Partnership, Shanghai Qiusheng Asset Management Co., Ltd., Shanghai Qushi Asset Management Co., Ltd., Shanghai Hawthorn Tree Zhenzhuo Asset Management, Shanghai Shibei Nengxin Private Equity Fund Management Partnership, Shanghai Tianyu Investment Co., Ltd., Shanghai Tongben Investment Management, Shanghai Tongyuan Investment and Development Co., Ltd., Shanghai Tongxiao Investment, Shanghai Turing Asset Management Co., Ltd., Shanghai Yuyuxiu Asset Management Co., Ltd., Shanghai Origin Asset Management Co., Ltd., Shanghai Zige Investment Management Co., Ltd., Shanghai Investment Morgan Fund Management Co., Ltd., Shenwan Hongyuan Research Institute, Shenwan Lingxin Fund Management Co., Ltd., Shenzhen Bopu Technology Co., Ltd., Shenzhen Minsen Investment Co., Ltd., Shenzhen Dachen Caizhi Venture Capital Management Co., Ltd., Shenzhen Junmao Investment Co., Ltd., Shenzhen Qianhai Deyi Asset Management Co., Ltd., Shenzhen Qianhai Huabang Fund Management and Investment Co., Ltd., Shenzhen Shanshu Asset Management Co., Ltd., Shenzhen Ted Jiahe Investment Co., Ltd., Shenzhen Xingyi Investment Management Co., Ltd., Shenzhen Sino-European Ruibo Investment Management Co., Ltd., Shenzhen Wangzheng Asset Management Co., Ltd., Shenzhen Xinran Investment Management Co., Ltd., Shenzhi Assets, Taiping Pension, Tianan Life Insurance Co., Ltd., Tianfeng Securities, Weilin Capital Management Co., Ltd., Xi'an Pop Investment Management Co., Ltd., Western Lide Fund Management Company, Western Lide Fund Management Co., Ltd., Tibet Yuancheng Investment Management Co., Ltd., Xinhua Asset Management Co., Ltd., Xinjiang Qianhai United Fund Management Co., Ltd., Xinyuan Fund, Xinyuan Fund Management Co., Ltd., Cinda Australian Bank Fund Management Co., Ltd., Industrial Fund Management Co., Ltd., Industrial Bank Co., Ltd., Industrial Securities, Industrial Bank, Industrial Securities Asset Management Co., Ltd., Ordinary (Shanghai) Investment Management Co., Ltd , Nomura Oriental International Securities Co., Ltd., E Fund Management Co., Ltd., Galaxy Securities, Yinhua Fund Management Co., Ltd., Youyzeng Investment, Yuhe Assets, Yuanxin Yongfeng Fund Management Co., Ltd., Yuancheng Investment, Yunrui Investment, Changjiang Securities, China Merchants Fund Management Co., Ltd., China Merchants Securities, CMB Wealth Management Co., Ltd., Zheshang Securities, Chinese Life Asset Management Co., Ltd., China Overseas Fund Management Co., Ltd., AVIC Securities, Sino-Dutch Life Insurance Co., Ltd., China Canada Fund Management Co., Ltd., CICC, CEIBS Fund Management Co., Ltd., Zhongrong Fund Management Co., Ltd., Zhongtai Securities, Zhongtian Securities, CITIC Prudential Fund Management Co., Ltd., CITIC Construction Investment International Institutional Sales, CITIC Construction Investment Fund Management Co., Ltd., CITIC Construction Investment Securities, CITIC Securities Co., Ltd., CITIC Securities Asset Management Business, Sino-Italian Asset Management Co., Ltd., BOC Fund Management Co., Ltd., Zhongying Life Insurance Co., Ltd., Zhuhai Huaiyuan Fund Management Co., Ltd., Zhuhai Youshui Management Consulting Co., Ltd., New Era Securities Inc., Cederberg Capital, Green Court Capital, GS, Hillhouse Capital Management Limited, ICBC Asset Management (Global) Company Limited, ICBCAMG, LMR Partners Limited, Octorivers, PAG, Point72, SMAM Sumitomo Mitsui Investment Management (Hong Kong) Limited, Shinwan Hongyuan, Jinmen Finance, HSBC Jinxin, Hongze Research, Shouzheng surveyed our company on October 27, 2021.
The main contents of this survey are:
Q: Will the decline in manufacturing prosperity affect the company's growth?
A: The company specializes in automation parts research and development, production and sales, to provide FA factory automation parts one-stop supply, with China's manufacturing industry application scenarios more and more, demographic dividend gradually disappeared, labor costs continue to rise, manufacturing industry into the "machine substitution" trend, more manufacturing enterprises are willing to use automation equipment to replace labor to enhance the competitiveness of enterprises, seize the market opportunity, automation equipment service field is wider, including 3C, automotive, new energy, photovoltaic, medical, laser, Food and logistics and other industries, relying on the huge market space in the field of downstream automation equipment services, the automation equipment parts industry market space is broad.
Q: How do salespeople divide customers? When approaching customers, is it divided by the amount of customer revenue or the division of industry?
A: We have two dimensions, one is divided by region; the other is divided by the industry market department according to different fields to achieve matrix management.
Q: Will the company continue to expand its workforce in the future?
A: The level of personnel efficiency has steadily improved, with the growth of sales, the improvement of production capacity, the need for steady improvement of personnel, but the production field has a scale effect, we will increase the proportion of R & D personnel, for IT informatization this piece of personnel growth is faster, high-quality manufacturing capacity, informatization, intelligent logistics and warehousing and other infrastructure will become an important element of building industry barriers.
Q: What are the reasons for the increase in the proportion of online revenue and the future development trend?
A: On the one hand, the company takes the initiative to guide the established offline partners to gradually transfer procurement to online, which is a clear assessment goal for our sales team. On the other hand, it is achieved through online promotion channels to achieve a part of the scattered procurement online. In recent years, both the proportion of customers and sales has gradually shifted to online.
Q: How does the company compare to mithmi to achieve 1 million people?
A: Human effectiveness is a very important indicator in the long run. China has a large number of manufacturing resources, since 2017 we have continued to pay attention to the manufacturing module, built in the manufacturing field core know-how, will inevitably appear the increase in manufacturing personnel. If it is purely for the sake of good indicators, in many cases it can be replaced by OEM, but we want to create greater value for customers, although there are many manufacturing resources outside, but there are not many who can really provide high-quality production capacity. Therefore, building manufacturing capabilities, developing core infrastructure and advantageous production capacity is also an important part of our strategy. "Long cycle, slow feedback", "all resources to the strategy as the program, all strategy to the customer as the program", is the strategic direction of our business, we hope to build a strong basic capabilities and core competitiveness.
Q: How will the company's future profitability be maintained? What are the expectations and changes in gross margin and net margin?
A: At present, the company mainly serves the long-tail needs of customers. For customers, the core demand lies in the convenience of selection, the simplicity of design, and the reliability of delivery. If there is no major change in the customer's demand structure and industry competitive situation, and no major change in the company's product structure, the gross profit margin level should not change much. Regarding the net profit margin, the company will moderately balance the phased R&D, operation and other input expenditures according to the rhythm of operation, which is a dynamic process.
Q: Under the background of the company's manufacturing in China, a one-stop supplier of intelligent manufacturing automation parts, will it surpass Mismi in the future?
A: Mismi is one of the company's main competitors, and healthy market competition is conducive to the expansion of market scale, the improvement of customer experience and the advancement of industry technology. We will continue to strive to become a brand that customers choose because they are moved.
Q: What is the growth rate of the company's sales in different industries in the first three quarters of 2021?
A: In the first three quarters of 2021, the sales revenue contributed by customers in the company's new energy, 3C, photovoltaic and other industries accounted for a relatively large proportion and grew rapidly. The company is to provide one-stop parts selection and supply services for the design and manufacture of automation equipment, contribute to the machine substitution and intelligent manufacturing upgrade of many industries, and develop with their development in the development cycle of different industries.
Q: Will the company focus on the automation parts line in the next 3-5 years? Is the industry cyclical?
A: In the next 3-5 years, the company will continue to focus on the automation parts industry. With the corporate vision of "promoting intelligent manufacturing to empower Made in China", the company is committed to building an industry-leading one-stop supplier of FA factory automation parts. The company takes the platform as the support, takes information and digitalization as the driver, fully integrates social resources, links the upstream and downstream resources of the automation equipment industry, takes the standard setting and product development as the starting point, follows the development path of "product supply - platform integration - ecological drive", gradually improves the coverage ratio of parts and components in automation equipment, improves the efficiency of automation equipment supply, reduces comprehensive costs, and ultimately moves the technological progress of the automation industry. According to the company's understanding, the company believes that the automation industry as a whole will show an upward trend in the next 5-10 years.
Q: What are the core pain points that the company's customers currently have, and how can the company solve them?
A: In the process of automated parts procurement, there are problems such as long design time, high procurement cost, low procurement efficiency, limited quality control level, and difficult delivery management. Based on product standardization, the company provides customers with one-stop procurement services of "more, faster, better and provincial" through efficient supply chain management and intensive methods, which can effectively solve the pain points of the above industries.
Yiheda's main business: R&D, production and sales of automation parts, providing one-stop supply of FA factory automation parts.
Yiheda's 2021 third quarter report shows that the company's main revenue was 1.329 billion yuan, up 60.25% year-on-year; net profit attributable to the mother was 307 million yuan, up 65.12% year-on-year; deducting non-net profit was 303 million yuan, up 68.92% year-on-year; among them, in the third quarter of 2021, the company's single-quarter main revenue was 477 million yuan, up 62.35% year-on-year; single-quarter net profit attributable to the mother was 110 million yuan, up 70.04% year-on-year. In the single quarter, the non-net profit was 110 million yuan, up 72.69% year-on-year; the debt ratio was 15.18%, the investment income was 457,200 yuan, the financial expense was -5,249,600 yuan, and the gross profit margin was 43.98%.
In the past 90 days, a total of 8 institutions have given ratings, 4 buy ratings and 4 overweight ratings; the target average price of institutions in the past 90 days is 112.05; the net outflow of financing in the past 3 months is 124 million, and the balance of financing has decreased; the net inflow of margin is 0.0 million, and the balance of margin has increased. The Securities Star Valuation Analysis Tool shows that 301029 has a good company rating of 4.5 stars, a good price rating of 0.5 stars, and a comprehensive valuation rating of 2.5 stars.